woodguru

When a bank is looking to make an $800m loan on a property they do not see enough equity in, they ask for assets values that figure into whether a person's financial strength is good enough to make good on a huge loan if it defaults. Obviously if a person's properties have loans that match their values this person is not a good risk. When trump borrowed hundreds of millions on his casino venture, he had to put his personal apartment up as collateral, so here is where it can cause fraudulent levels of harm.

Trump filed bankruptcy on the casino, and had his apartment been worth the amount trump had represented, they would have foreclosed on him and sold the condo and recovered a few hundred million, except it was not worth anywhere near what had been represented, so what's the use of taking possession when it's worth less than is owed on it?

Misrepresenting property values to get loans is criminal fraud for a reason, it influences loans that a bank would not make otherwise.

Then the other side, reflecting values way under real worth as a base taxes are paid on is a whole other kind of fraud...to a degree that is significantly beyond the little stretches "everybody" does.

woodguru

And keep in mind, trump not only filed for bankruptcy six times, on his casino he filed within a year or two, which given the way he took money borrowed for the casino and applied it to other businesses (that being fraud), let vendor payables increase from the start to hundreds of millions, and did not do the renovations money was borrowed for. People can go to jail for those specific kinds of fraud.

Liberty Tree

Trump, Trump, Trump when Biden is wrecking the country in every manner possible. If only you loved America as much as you h**e Trump but, you prove you h**e America.

pegw

You just changed the subject. Start your own.
Trump finally was held responsible for his lawlessness. He was close just before he ran for president, but he negotiated with NY State and paid up. The current NY State attorney general is not as leanient.

Strycker Loc: The middle of somewhere else.

We have so many laws and regulations in this country that any one of us whom the government may choose to target can be charged with something. It's amazing to me that it has taken this long to dig up something, real or imagined, to tarnish Trump with. However, accusations are not proof of guilt. On top of that this whole action since the beginning reeks of unequal justice with only Trump being singled out to persecute. Having said that, at this point, you have only an AG with a political vendetta making accusations and releasing her own manipulated valuations to make her own points. Time will tell if any of it stands up.

PS: You seems to have very little to no knowledge of how real estate laws, financial statements, bank loans, income tax laws, property tax laws and bankruptcy laws work.

RascalRiley Loc: Somewhere south of Detroit

He made an offer to settle. It probably did not involve never doing business in New York State again. Fire sales are seldom lucrative.

Wonttakeitanymore

The government inflated property values ! Fanny Mae required no appraisals and inflated prices by 50 k or more! Then of course the neighborhoods matched the pricing and walla artificial values! I know I’m a realtor in cally!! Inexcusable !!

Wonttakeitanymore

Biden and cabal stole America! Match that zombie

Wonttakeitanymore

Didn’t change subject you zombies just deflect from reality! Biden is ur fraudulent president! Consecrate on him wreaking the country for once! That is the only subject you should be focused on!